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Grade A office rents hold steady in Q1
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Grade A office rents remained steady in Shanghai鈥檚 core CBD markets in the first quarter of 2018 despite a large supply, latest data released by global property advisors showed.
The average rents at Grade A buildings in the CBD managed to hold flat, or were up 0.2 percent quarter on quarter, after six projects with a total gross floor area of 375,140 square meters 鈥 including One Museum Place in Puxi and Lujiazui Finance Plaza in Pudong New Area 鈥 were completed between January and March, JLL said in a quarterly report released yesterday.
鈥淒omestic financial services companies, especially those in the asset management sector, continued to be a major demand driver in the local Grade A office market,鈥 said Danial Yao, head of research for JLL East China. 鈥淣otably, robust demand from co-working operators 鈥 including both well-known players and newcomers 鈥 has been giving an additional boost to landlords.鈥
In Shanghai鈥檚 Grade A office market, about 150,000 square meters of net absorption, a measure of change in total demand, were contributed by co-working operators in 2017, taking up 13 percent of the city鈥檚 total. They are estimated to grow further to 180,000 square meters this year, according to JLL鈥檚 forecast.
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